Why Adairs, Adbri, Magellan, and Reliance Worldwide shares are sinking

A man holds his head in his hands, despairing at the bad result he's reading on his computer.

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In afternoon commerce, the S&P/ASX 200 Index (ASX: XJO) has adopted the lead of US markets and dropped deep into the pink. On the time of writing, the benchmark index is down 1% to 7,043.4 factors.

4 ASX shares which are falling greater than most at this time are listed under. Right here’s why they’re sinking:

The Adairs share value is down 10% to $2.28. Buyers have been promoting this homewares retailer’s shares following the discharge of a disappointing full yr consequence. Though Adairs reported a 12.9% improve in gross sales to a document $564.5 million, this couldn’t cease it from posting a 29.6% decline in internet revenue after tax. Administration suggested that its margins had been impacted by greater provide chain prices and higher promotional exercise.

The Adbri share value is down 17% to $2.21. This has been pushed by the constructing supplies firm’s half yr outcomes launch. Adbri reported an 8% improve in half yr income however a 15% decline in statutory internet revenue after tax to $48.1 million. This was pushed partly by excessive moist climate and better provide chain prices.

Magellan Monetary Group Ltd (ASX: MFG)

The Magellan share value has sunk 11% to $12.83. The catalyst for this has been the struggling fund supervisor’s shares buying and selling ex-dividend this morning for its last dividend of FY 2022. Eligible shareholders can now stay up for receiving this 68.9 cents per share dividend subsequent month on 6 September.

Reliance Worldwide Company Ltd (ASX: RWC)

The Reliance Worldwide share value is down 7% to $4.19. This morning this plumbing components firm launched its full yr outcomes and reported a 17% improve in gross sales to US$1.17 billion however a 3% decline in internet revenue after tax to US$137.4 million. The latter was a contact in need of consensus estimates.

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